Defillama data dated Oct. 25 shows stablecoin capitalization fell $12.73 billion since May 22. USDC stood at $71.743 billion after losing $4.69 billion over 30 days. Among the 13 large stablecoins with monthly figures, the net decline was $5.82 billion, about 80% of it from USDC.
The figures alone do not show whether redemptions caused crypto selling or followed weaker markets. Some stablecoins gained supply, and changes in supply do not necessarily mean an equal loss of trading liquidity. Tokenized Treasury products also shrank, but the source says their redemptions could have gone into stablecoins, other assets or conventional accounts.
